Free Equipment Lease Agreement Template
Equipment Lease Agreement
This Equipment Lease Agreement (“Agreement”) is entered into as of March 15, 2059, by and between [YOUR COMPANY NAME] (hereinafter referred to as the "Lessor") and Tracey Gleason (hereinafter referred to as the "Lessee").
WHEREAS, the Lessor owns certain equipment that the Lessee desires to lease;
WHEREAS, the Lessor agrees to lease the equipment to the Lessee under the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties agree as follows:
I. DESCRIPTION OF EQUIPMENT
The equipment being leased is as follows:
-
Make and Model: Caterpillar 301.5 Mini Excavator
-
Serial Number: CAT3015EX1234
-
Additional Features: 12-inch digging bucket, retractable tracks, quick coupler
II. LEASE TERM
The term of this lease shall begin on April 1, 2059 and shall:
-
End on March 31, 2060, OR
-
Continue on a month-to-month basis until terminated by either party with 30 DAYS written notice.
III. LEASE PAYMENTS
The Lessee agrees to pay the Lessor a lease payment of Five Hundred Dollars ($500) per Month. Payments shall be made:
-
On or before the 1st of each month.
-
To the following address or account:
[YOUR COMPANY ADDRESS]
Late payments will incur a fee of $25 per day.
IV. SECURITY DEPOSIT
The Lessee shall pay a security deposit of One Thousand Dollars ($1,000) to the Lessor prior to taking possession of the Equipment. This deposit will be refunded to the Lessee upon termination of the lease, less any damages or unpaid fees.
V. USE OF EQUIPMENT
The Lessee shall:
-
Use the Equipment solely for construction and landscaping purposes.
-
Not modify or alter the Equipment without the Lessor’s prior written consent.
-
Ensure the Equipment is operated in compliance with all applicable laws and regulations.
VI. MAINTENANCE AND REPAIRS
The Lessee agrees to maintain the Equipment in good condition and perform all routine maintenance.
-
The Lessor is responsible for repairs due to normal wear and tear.
-
The Lessee is responsible for any damage resulting from misuse or negligence.
VII. INSURANCE
The Lessee shall obtain and maintain insurance coverage for the Equipment, with a minimum coverage of $50,000, naming the Lessor as an additional insured. Proof of insurance must be provided prior to the commencement of the lease term.
VIII. OWNERSHIP AND TITLE
The Equipment shall remain the property of the Lessor at all times. The Lessee shall not encumber, sell, or otherwise transfer any rights to the Equipment.
IX. INDEMNIFICATION
The Lessee agrees to indemnify and hold the Lessor harmless from any claims, liabilities, or damages arising from the Lessee’s use or possession of the Equipment.
X. DEFAULT
Events of default include, but are not limited to:
-
Failure to make lease payments on time.
-
Misuse or neglect of the Equipment.
-
Violation of any terms of this Agreement.
In the event of default, the Lessor may terminate this Agreement and repossess the Equipment.
XI. TERMINATION
This Agreement may be terminated by:
-
Mutual written consent of both parties.
-
Written notice by either party, subject to the terms of the lease.
Upon termination, the Lessee shall promptly return the Equipment to the Lessor in good working condition.
XII. GOVERNING LAW
This Agreement shall be governed by the laws of the state of California.
XIII. ENTIRE AGREEMENT
This Agreement constitutes the entire agreement between the parties and supersedes any prior agreements, understandings, or representations. Amendments or modifications must be in writing and signed by both parties.
XIV. SIGNATURES
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
LESSOR:
[YOUR NAME]
[YOUR COMPANY NAME]
Date: March 15, 2059
LESSEE:Tracey Gleason
Lessee
Date: March 15, 2059
